EM Corporate Cross Currency Bond Analytics Report

Research evidence excerpt

EM Corporate Cross Currency Bond Analytics Report

18 June 2026

EM Corporate Strategy

Alisa MeyersAC (212) 834-9151 Yang-Myung Hong (212) 834-4274 Dhawal Mehta (91-22) 6157-3779

alisa.meyers@jpmorgan.com ym.hong@jpmorgan.com dhawal.mehta@jpmchase.com

J.P. Morgan Securities LLC J.P. Morgan Securities LLC J.P. Morgan India Private Limited

This report highlights relative value opportunities between EM corporate bonds in different currencies (EUR and USD) with thesame corporate ticker, rating, and maturity.

The most attractive switches are defined as the bond pairs with the largest z-spread differences after adjusting for FX hedge costs.

Largest pick-up from USD to EUR switch STW (bp) Δ Spread Diff (ADJ. bp, 3M)

EUR bond (Cheap) USD Bond (Rich) Region Industry Eur USD Spread Diff. (ADJ.) Spread Diff. Price Diff. Z-score Min Max

TEVA 3.75 27 TEVA 3.15 26 Middle East & Africa Consumer 35 -92 158 127 -0.34 2.8 -8 158

TEVA 1.875 27 TEVA 3.15 26 Middle East & Africa Consumer 8 -92 131 100 0.86 2.1 -19 137

ALTICE 4.25 29 ALTICE 5.75 29 Middle East & Africa TMT 1412 1315 127 97 1.72 2.6 -97 127

ISDB 0.315 27 ISDB 4.747 27 Middle East & Africa Financial 88 13 106 74 2.47 2.1 61 106

ISDB 0.315 27 ISDB 3.213 27 Middle East & Africa Financial 88 14 105 74 1.01 0.5 64 136

CCB 3.875 26 CCB 5 26 Asia Financial 3 -69 104 72 0.25 2.0 -17 104

ISDB 0.315 27 ISDB 1.435 26 Middle East & Africa Financial 88 19 100 69 0.99 -0.6 73 150

PEMEX 2.75 27 PEMEX 6.49 27 Latin America Oil & gas 56 24 63 32 1.53 0.6 -42 137

Largest pick-up from EUR to USD switch STW (bp) Δ Spread Diff (ADJ. bp, 3M)

EUR bond (Rich) USD Bond (Cheap) Region Industry Eur USD Spread Diff. (ADJ.) Spread Diff. Price Diff. Z-score Min Max

STANLN 1.625 27 STANLN 6.187 27 Asia Financial -154 161 -284 -315 0.32 -1.5 -306 30